What happens to your 401k when you leave the firm?

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Usually some portion of the firm’s contribution isn’t vested, so they take that back. Then you’re provided a leaving packet (maybe online) that gives you details on lots of things (insurance, 401K, etc.).

Your options are: roll the money into an IRA, roll the money into your new employer’s 401k, withdraw the money and pay penalties and taxes (assuming traditional 401k and that you’re not retirement age).

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If fully vested firms contributions yours. Usually 4-5 years and vests at % rate each year. Your contributions obviously yours

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At DB - they get to keep it

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So anything you put on is vested and yours.
The vesting schedule for their contributions varies but usually by year 2 you are vested.the prior two years and only the current year requires you work the full year to vest.
It then stays as a vested asset in their 401k plan.
You can 'roll' to a 401k IRA or leave with the firm.
Pros and cons are usually a bit financial firm has a pretty good choice of investments and low fee structure vs moving to an alternate brokerage.
Alternate firm, over time you can put it all in one place, you can invest in much more, for example my IRA is mostly low cost ETF not funds. You can have a sigfig or betterment auto manage the portfolio.
The money is with an asset manager though and SIPC protected though either option.
Unless you have the whole pot in company stocks a la Enron.

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